Financial Performance - Revenue for the quarter ended September 30, 2023, was RMB 3,791.2 million (USD 519.6 million), representing a year-over-year increase of 36.7% and a quarter-over-quarter increase of 16.6%[8] - Gross profit for the same period was RMB 1,583.7 million (USD 217.1 million), with a year-over-year growth of 60.2% and a quarter-over-quarter growth of 22.2%[8] - Operating profit reached RMB 788.3 million (USD 108.0 million), up 54.7% year-over-year and 14.2% quarter-over-quarter[8] - Net profit for the quarter was RMB 618.3 million (USD 84.7 million), reflecting a year-over-year increase of 53.0% and a quarter-over-quarter increase of 13.0%[8] - Adjusted net profit for the quarter was RMB 642.0 million (USD 88.0 million), a year-over-year increase of 53.8% and a quarter-over-quarter increase of 12.4%[8] - Adjusted EBITDA for the quarter was RMB 1,014.3 million (USD 139.0 million), reflecting a year-over-year growth of 52.8% and a quarter-over-quarter growth of 18.6%[8] - Adjusted EBITDA margin was 26.8%, compared to 23.9% in the same period last year and 26.3% in the previous quarter[8] - The gross margin improved to 41.8%, up from 35.7% in the same period last year, driven by product mix optimization and brand upgrades[21] - Adjusted net profit increased by 54% to RMB 642.0 million (USD 88.0 million), with an adjusted net profit margin of 16.9%[25][26] - The company reported a basic earnings per share of RMB 0.49 for the period, compared to RMB 0.33 in the same quarter of the previous year[44] Store Expansion - The number of MINISO stores exceeded 6,000, reaching 6,115 stores as of September 30, 2023, an increase of 819 stores year-over-year and 324 stores quarter-over-quarter[11] - The number of MINISO stores in China was 3,802, representing a year-over-year increase of 533 stores and a quarter-over-quarter increase of 198 stores[11] - The number of overseas MINISO stores was 2,313, with a year-over-year increase of 286 stores and a quarter-over-quarter increase of 126 stores[11] - The total number of Miniso stores in overseas markets reached 2,313 as of September 30, 2023, an increase of 286 stores year-over-year, representing a growth of 14.1%[52] - The number of stores in Asia (excluding China) increased to 1,264, up by 156 stores compared to the same period last year, reflecting a growth of 14.1%[52] - In the Americas, the store count rose to 654, marking an increase of 98 stores year-over-year, which is a growth of 17.6%[52] - The European market saw an increase of 49 stores, bringing the total to 218, which is a growth of 29.1% year-over-year[52] - The "Other" category experienced a decrease of 17 stores, resulting in a total of 177, which is a decline of 8.8% year-over-year[52] Market Performance - In North America, revenue grew nearly 160% year-on-year, indicating strong performance in emerging markets[15] - The average same-store GMV in China increased by approximately 11%, contributing to a 40% year-on-year growth in offline store GMV[16] - Domestic business revenue grew by 35% to RMB 2,496,000 thousand, with the Miniso brand contributing RMB 2,307,000 thousand, a 36% increase[48] - International business revenue also saw a significant rise of 41%, reaching RMB 1,295,000 thousand[48] Strategic Focus - Miniso has established a large store network globally since opening its first store in China in 2013, promoting a treasure-hunt shopping experience[32] - The company emphasizes high-quality, aesthetically pleasing, and cost-effective products as core attributes of its offerings[32] - The company is focused on future business development and market expansion in the retail sector, particularly in home goods[38] - Miniso's strategic plans include enhancing relationships with consumers, suppliers, and partners to drive growth[38] Financial Metrics and Reporting - The adjusted net profit is defined as profit excluding equity-settled share-based payment expenses, providing a clearer view of operational performance[34] - The adjusted EBITDA is calculated by adding adjusted net profit, depreciation and amortization, financial costs, and income tax expenses[34] - The company uses non-IFRS financial metrics to assess operational performance and formulate business plans, which may differ from other companies' metrics[35] - Miniso's management believes that using non-IFRS financial indicators provides useful information for investors to understand and evaluate operational performance[35] - The RMB to USD exchange rate used for financial reporting is 7.2960 as of September 29, 2023[33] Forward-Looking Statements - The company does not undertake any obligation to update forward-looking statements unless required by applicable law[38]
名创优品(09896) - 2023 Q3 - 季度业绩